Bal Jan 1 1,000 @ $6 = 500 units Purchases: Purcha
Bal Jan 1 1,000 @ $6 = 500 units Purchases:
Purchase: Jan 26 2,500 @ $16 = 500 units
Jan 6 2,000 @ $12 Sales:
Sales: Jan 31 (2,000)
Jan 7 (2,500)
Ending Inventory 500 units @ $6 = $3,000 Ending Inventory 500 units @ $16 = $8,000
Assuming that Rich maintains perpetual inventory records, what should be the inventory at Jan 31, using the moving-average inventory method?
Homework Answers
Under Perpetual inventory moving average inventory method ,Average cost per unit is calculated at the time of every purchase and then inventory is sold at that average cost.
Average cost per unit =cost of goods available for sales /units available for sale
| MOVING AVERAGE PERPETUAL INVENTORY METHOD | |||||||||
| PURCHASE | COST OF GOODS SOLD | INVENTORY AT END | |||||||
| Quantity | unit cost | Total | Quantity | unit cost | Total | Quantity | unit cost | Total | |
| Beginning | 1000 | 6 | 6000 | ||||||
| Jan 6 | 2000 | 12 | 24000 | 1000+2000=3000 |
[6000+24000]/3000 $ 10 per unit |
30000 | |||
| Jan 7 | 2500 | 10 | 25000 | 3000-2500=500 | 10 | 5000 | |||
| Jan 26 | 2500 | 16 | 40000 | 2500+500= 3000 |
[5000+40000]/3000 =45000/3000 =$ 15 per unit |
45000 | |||
| Jan 31 | 2000 | 15 | 30000 | 3000-2000=1000 | 15 | 15000 | |||
Inventory Balance at Jan 31 = $ 15000
[ 1000 Units at average cost of $ 15 per unit = $ 15000]
The following information was available from the inventory record of Rich COmpany for January: A. assuming...
The following information was available from the inventory
record of Rich COmpany for January:
A. assuming that rich mainains periodic inventory records, what
should be the inventory at Jan 31, using the fifo, lifo, and
average cost inventory method, rounded to the nearest dollar.
B. assuming that rich maintains perpetual inventory records,
what should be the inventory at Jan 31, using the fifo, lifo, and
average cost inventory method, rounded to the nearest dollar? (avg
cost method not required for...
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan...
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan 1 Beginning inventory 2,200 units @ $ 6.10 Jan 12 Purchase 2,300 units @ $ 5.90 Jan 18 Sales 2,400 units @ $ 7.60 Jan 21 Purchase 2,200 units @ $ 6.20 Jan 25 Purchase 2,000 units @ $ 6.00 Jan 31 Sales 2,350 units @ $ 7.60 Assuming Chase uses a FIFO cost flow method, the ending inventory on January 31 is: Multiple...
Chase Co. uses the perpetual Inventory method. The inventory records for Chase reflected the following Jan...
Chase Co. uses the perpetual Inventory method. The inventory records for Chase reflected the following Jan 1 Beginning inventory Jan 12 Purchase Jan 18 Sales Jan 21 Purchase Jan 25 Purchase Jan 31 Sales 2,000 units @ $5.70 2,100 units @ $5.50 2,200 units @ $7.20 2,000 units @ $5.80 1,800 units @ $5.60 2,150 units @ $7.20 Assuming Chase uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is: Multiple...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventor...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 106 units @ $27 8 Sale 85 units 15 Purchase 118 units @ $31 27 Sale 99 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
QUESTION 9 Quayle Bookstore had 500 units on hand at January 1, costing $9 each. Purchases...
QUESTION 9 Quayle Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases 250 @ $10 250 @ 512 Jan. 14 17 25 29 Quayle does not maintain perpetual inventory records. According to a physical count, 360 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: $3,240 $3,650. $4,100. $3,820 QUESTION 12 A company...
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan...
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan 1 Beginning inventory 300 units @ $ 2.30 Jan 12 Purchase 400 units @ $ 2.10 Jan 18 Sales 500 units @ $ 3.80 Jan 21 Purchase 300 units @ $ 2.40 Jan 25 Purchase 100 units @ $ 2.20 Jan 31 Sales 450 units @ $ 3.80 Assuming Chase uses a FIFO cost flow method, the cost of goods sold for the sales...
The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases...
The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 18 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 200 units @ $10 = $ 2,000 150 units @ $40 350 units @ $15 = 5,250 300 units @ $40 450 units @ $20...
Ferris Company began January with 4,000 units of its principal product. The cost of each unit...
Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 7 $ 21,000 Jan. 18 4,000 8 32,000 Totals 7,000 53,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on...
Question 4 The following information was available from the inventory records of Rich Company for January: Units 9000 U...
Question 4 The following information was available from the inventory records of Rich Company for January: Units 9000 Unit Cost $9.77 Total Cost $87930 Balance at January 1 Purchases: January 6 January 26 6000 | 8100 | 10.3 10.71 61800 86751 Sales January 7 January 31 Balance at January 31 (7500) (11100) 4500 Assuming that Rich does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted average inventory method, rounded to the nearest...
Ross Inc.’s inventory records show the following data relative to an item sold. Date Units Unit...
Ross Inc.’s inventory records show the following data relative to an item sold. Date Units Unit cost May 1 Inventory 1,100 $20.50 May 3 Purchases 10,000 20.80 May 7 Sales 5,000 May 20 Purchases 8,000 21.00 May 22 Sales 8,500 May 30 Purchases 3,000 21.50 Assuming that Ross maintains a periodic inventory system with a monthly physical count, compute ending inventory on May 31 under Specific identification Weighted average cost FIFO The actual ending units remaining at May 31 are...
The following information was available from the inventory
record of Rich COmpany for January:
A. assuming that rich mainains periodic inventory records, what
should be the inventory at Jan 31, using the fifo, lifo, and
average cost inventory method, rounded to the nearest dollar.
B. assuming that rich maintains perpetual inventory records,
what should be the inventory at Jan 31, using the fifo, lifo, and
average cost inventory method, rounded to the nearest dollar? (avg
cost method not required for...
Chase Co. uses the perpetual Inventory method. The inventory records for Chase reflected the following Jan 1 Beginning inventory Jan 12 Purchase Jan 18 Sales Jan 21 Purchase Jan 25 Purchase Jan 31 Sales 2,000 units @ $5.70 2,100 units @ $5.50 2,200 units @ $7.20 2,000 units @ $5.80 1,800 units @ $5.60 2,150 units @ $7.20 Assuming Chase uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is: Multiple...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 106 units @ $27 8 Sale 85 units 15 Purchase 118 units @ $31 27 Sale 99 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
QUESTION 9 Quayle Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases 250 @ $10 250 @ 512 Jan. 14 17 25 29 Quayle does not maintain perpetual inventory records. According to a physical count, 360 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: $3,240 $3,650. $4,100. $3,820 QUESTION 12 A company...
The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 18 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 200 units @ $10 = $ 2,000 150 units @ $40 350 units @ $15 = 5,250 300 units @ $40 450 units @ $20...
Question 4 The following information was available from the inventory records of Rich Company for January: Units 9000 Unit Cost $9.77 Total Cost $87930 Balance at January 1 Purchases: January 6 January 26 6000 | 8100 | 10.3 10.71 61800 86751 Sales January 7 January 31 Balance at January 31 (7500) (11100) 4500 Assuming that Rich does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted average inventory method, rounded to the nearest...
Most questions answered within 3 hours.
-
2. Binomial Distribution Suppose I have an unfair coin, it lands
on heads 75% of the...
asked 5 minutes ago -
negotiators with absolutely no alternative to a negotiated
agreement sometimes.
a. become hostile and end the...
asked 3 minutes ago -
Write a Verilog program that tests whether a 4-bit input
variable is a Fibonacci number or...
asked 13 minutes ago -
MYSQL
Consider the sql statement "select * from t1 UNION t2" where t1
and t2 are...
asked 16 minutes ago -
2. A retailer sells 10,000 units at $10. Each unit costs the
retailer $7.00 to sell,...
asked 18 minutes ago -
If the Stratosphere elevator in Las Vegas is 500 m above the
ground when the cables...
asked 31 minutes ago -
identify at least one other characteristics of the soils/sand
that may have impacted the growth of...
asked 37 minutes ago -
True or False
The following statements refer to The Web of Belief
10. An explanation of...
asked 38 minutes ago -
15)___________ A study was conducted to
test the effectiveness of aspirin on reducing
asked 46 minutes ago -
How fast must a centrifuge spin if a particle 8 cm from the axis
of rotation...
asked 47 minutes ago -
Which of the following is characteristic of a single exposure
common vehicle outbreak?
a. Wide range...
asked 49 minutes ago -
You are a member of an alpine rescue team and must get a box of
supplies,...
asked 52 minutes ago